FINANCIAL PREP
Selling your home can be a challenge but if there isn’t pressure to sell, you can wait for the ideal offer and price you want. Take into consideration your career, family, school, any medical concerns or financial pressures.
REASON FOR SELLING
Understanding your “why” is the first—and most important—step in the home selling process. Your reason will help shape your pricing strategy, timeline, and next move.
Are you upgrading or downsizing?
- Has your family grown or are you now empty nesting?
- Do you want more space, or is it time for something easier to maintain?
Are you relocating?
- Is a job, lifestyle change, or retirement prompting a move?
- Are you moving out of state or just into a new neighborhood?
Are financial factors influencing your decision?
- Are you looking to cash out equity?
- Do you need to reduce monthly expenses or avoid costly repairs?
Are you ready for something new?
- Maybe you’ve outgrown the home emotionally or are seeking a fresh start.
- Want a different layout, location, or lifestyle?
Is it the right time for you—personally and financially?
- Are you prepared for the logistics, emotions, and timing of selling?
EVALUATE YOUR FINANCES
Selling your home is a major financial decision. Preparing ahead of time can help you maximize your profits, avoid surprises, and move with confidence.
Know Your Home’s Market Value
- Request a Comparative Market Analysis (CMA) from a Realtor®.
- Review recent sales of similar homes in your area.
- Understanding your home's value helps set realistic pricing expectations.
Estimate Net Proceeds
- Use a Seller Net Sheet to calculate how much you’ll walk away with after:
- Mortgage payoff
- Agent commissions (typically 5–6%)
- Closing costs (1–3%)
- Transfer taxes
- Any repair credits or concessions
Prepare for Pre-Sale Costs
- Budget for:
- Pre-listing repairs or upgrades
- Professional cleaning or staging
- Landscaping or curb appeal improvements
- Photography and marketing (if not covered by your agent)
Check Your Mortgage Payoff
- Contact your lender to get the exact payoff amount (not just the balance).
- This ensures accuracy when calculating net proceeds.
Understand Capital Gains Taxes
- You may be able to exclude up to $250K ($500K for married couples) in profit from capital gains taxes if the home was your primary residence for 2 of the last 5 years.
- Consult a tax advisor to understand your specific situation.
Plan for Your Next Move
- Will you be buying another home?
- Renting temporarily?
- Consider the costs of moving, deposits, down payments, and potential overlap between closing dates.
Gather Important Documents
- Recent mortgage statement
- Property survey or plat
- Utility and maintenance records
- Warranties or permits for any renovation
Financial preparation ensures a smoother, more profitable sale—and I’m here to help guide you through every step.